Market Report - April 2017

All percentage changes in this report refer to month-on-month price
changes and are provided by Mintec.

EXCHANGE RATES

Against the $, sterling opened the month at 1.25 and closed at 1.24.
Against the €, sterling opened the month at 1.16 and closed at 1.17.

SOFT COMMODITIES

Sugar prices rose on London ICE (+4%) and ICE US (+1%), supported by the
strengthening Brazilian Real combined with concerns that El Niño could return
in the second half of this year and damage crops in key growing areas. Cocoa
bean prices fell on ICE US (-9%) and London ICE (-9%). Prices for cocoa butter
(-10%) and cocoa powder (-4%) also fell in the UK.

OILS AND FATS

Soyabean oil prices fell in Rotterdam (-5%), due to uncertainty surrounding
US biodiesel demand and easing concerns over South American soyabean
production.

Rapeseed oil prices fell in Rotterdam (-6%), due to an increase in stocks
available for near term delivery. Palm oil prices fell in Rotterdam (-8%), due to
an expected recovery in production.

DAIRY

Butter prices fell in the EU (-5%), due to a slowdown in domestic demand but
the resulting increased demand for cream caused a late month upward surge.
SMP and WMP prices fell in the EU 5%.

Shell egg prices rose in the UK (+3%). Free range birds which have been kept
indoors over the past 12 weeks over Avian flu concerns must now classify
themselves as cage-free or barn eggs.

ENERGY

Brent crude oil prices on ICE London increased (+1%), due to OPEC and
non-OPEC countries continuing to comply with the agreed production cuts.
However, prices were weighed down by the strength of the US dollar and high
US stocks.

Diesel prices rose in the EU (+1%), due to high demand for heating oil as a
result of the cold weather, Hungary (-2%) and Poland (-9%). In addition, chicken
prices fell in Brazil (-5%).